Top Priorities in Wealth Management Technology

We asked 200 wealth management executives their top short term priorities; enabling process efficiencies were of utmost importance

In a recent study on current wealth management technology trends, Univeris uncovered some of the top priorities of wealth management executives. Of those priorities, enabling process efficiencies were of utmost importance—and more specifically, improving customer retention was a top priority for 43%, and simplifying the buying process was a top priority for 22% of wealth management executives.

Below, we expand on those key findings:

Improving Customer Retention using Wealth Management Technology

It is well-known that it costs more to attract new customers than it does to retain existing ones. However, the formula to retaining existing customers is driven by many factors. At the root of it all is investor engagement—where an engaged investor is happy—one is more likely to stick around. This entails someone who is receiving a personalized investor experience, empowered with the ability to customize their experience, and achieve meaningful financial results. Happy, engaged investors tend not to shop around for wealth management services; in fact, happy, engaged investors are the ones who stay.

Simplifying the Wealth Management Buying Process through Automation

The client onboarding process is a long one that can have multiple delays. This painful process can be alleviated by providing key parties to the onboarding process with tools and technology that allow for more automated processes. Also a platform that makes all client information visible, and enable any corrective action to take place. There are, of course, other major factors like compliance and regulations that take away from being able to onboard clients as quickly and efficiently as possible. Digital tools, however, can help enable wealth managers to automate – and sometimes even eliminate – redundant administrative tasks, allowing them to focus more on client-facing activities.